NEW YORK CITY-Savanna is seizing debt on a troubled office building. According sources familiar with the transaction, the firm has purchased the debt on 100 Wall St. with a plan to assume control over the building if the present proprietor defaults on its mortgage.
Savanna has acquired the mortgage from Prudential Real Estate Investors. Lehman Brothers took control of the property few years ago when Broadway Partners was not able to repay its debt. Broadway bought the property for $134 million in 2007.For the full story, go to Crain's New York Business.
GlobeSt.com News Hub is your link to relevant real estate and business stories from other local, regional and national publications.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.